Risians Accounting & Tax Consultancy is one of the most trusted names in statutory audit service firms in Dubai and the rest of the UAE. A statutory audit is that legally mandated review of a company’s financial records, actually considering such aspects as transparency, accuracy, and compliance with the UAE Commercial Companies Law and internationally accepted accounting standards. These audits serve a very vital purpose for government institutions, listed corporations, and regulated entities for ascertaining their financial position and performance.
This statutory audit gives independence in the evaluation of the company accounts, as it provides an unbiased and fair view of the organization’s financial health. This therefore reassures stakeholders, investors, and regulators that the company conducts its operations in an ethical and efficient manner.
The main goal of a statutory audit is to ascertain whether a company’s resources were managed in compliance with established rules or laws and whether all entries in its financial records are accurate.
The statutory audit does not suggest misconduct in any of the operations; rather, it upholds accountability and echoes a clear message across the organization that any financial misconduct or fraud would be identified and dealt with in a strict manner.
According to the Companies Act, a statutory audit is a legally mandated audit for the company, as defined in terms of qualified accountants who are knowledgeable about the laws governing accounting principles and ethical standards. Audits are conducted at Risians Accounting & Tax Consultancy by our certified auditors to ensure fair presentation of the financial statements of your company, which present an accurate and transparently accurate view of the financial position as of the balance sheet.
This is done in compliance with UAE requirements, International Financial Reporting Standards (IFRS), and national best auditing practices, thereby ensuring that the business is credible before stakeholders, investors, and authorities. Precision and reliability are guaranteed in statutory auditing offered by Risians as necessary for transparency, accountability, and sustainable future finances.
Prior to commencing a statutory audit, a complete set of documents shall be made available by the company to undertake a full and proper review. Generally, the key documents include:
Such a statutory audit is vital to safeguard that the annual accounts of a company are reliable and credible in the eyes of its stakeholders: debtors, creditors, investors, commercial banks, and government authorities.
Today, statutory audits have become complicated due to regulatory and other requirements, with the added need for coordination across a collection of standards along with a deep understanding of financial reporting requirements. At Risians Accounting & Tax Consultancy, we take pride in presenting highly qualified auditors who will exercise the utmost care in complying with all statutory requirements in the preparation of accurate and dependable audit reports.
We offer statutory audit services in Dubai and the UAE and guarantee that our professionals will check the veracity of financial statements concerning the payment of UAE Commercial Companies Law and the International Financial Reporting Standards (IFRS). We help businesses maintain transparency, accountability, and credibility with all relevant stakeholders, including investors and regulators, while providing actionable insights to improve financial management and decision-making.
Our statutory audit services encompass almost all critical areas of auditing, including preparing audit working papers, verification of financial records, evaluation of internal controls, and detailed reporting to present legal and compliance requirements. Risians Accounting & Tax Consultancy will guarantee that the statutory audit of your company’s accounts will be done with certified auditors who value accuracy, reliability, and integrity.
Key insights into legally mandated financial examinations, regulatory requirements for mainland and free zone companies, and the role of statutory auditing in UAE compliance.
A statutory audit is a legally mandated examination of a company's financial statements, required by UAE law or free zone regulations rather than chosen voluntarily. Under the UAE Commercial Companies Law, most mainland companies must have their accounts audited annually. Free zone companies are similarly required by their respective free zone authorities to submit annual audited financial statements. Any company that fails to conduct a statutory audit risks penalties, licence renewal issues, and regulatory non-compliance. Risians provides statutory audits for mainland and free zone companies across the UAE.
A statutory audit is a type of financial audit — specifically, one required by law or regulation rather than conducted voluntarily. All statutory audits are financial audits, but not all financial audits are statutory. In practice, most financial audits conducted for UAE companies are statutory because they are required for licence renewal and regulatory submissions. Where the audit is voluntary — for management purposes or investor reporting without a legal obligation — it remains a financial audit but is not statutory. For more on the financial audit process, see our Financial Audit Services page.
During a statutory audit, Risians examines: whether the financial statements present a true and fair view of the company's financial position and performance, whether accounting policies comply with IFRS, the accuracy of revenue recognition, the valuation of assets and liabilities, related-party transactions and their disclosure, compliance with UAE Commercial Companies Law requirements, VAT accounting and reconciliation, and the adequacy of internal controls over financial reporting. The outcome is a formal auditor's report expressing an opinion on the financial statements.
A statutory audit is conducted by an independent external auditor (like Risians) to verify your financial statements for shareholders and regulatory purposes. An FTA tax audit is an examination by the Federal Tax Authority to verify your VAT or Corporate Tax compliance. These are distinct processes — though the statutory audit can significantly support your position during an FTA review, because audited IFRS-compliant financial statements provide a credible basis for your tax filings. Risians provides VAT Audit Support and Corporate Tax Audit Support as separate services when the FTA initiates a review.
Deadlines vary by jurisdiction. For mainland companies, the Companies Law does not prescribe a specific universal deadline, but DED licence renewal requirements effectively mean accounts must be audited annually. For free zone companies, deadlines are set by each free zone authority — for example, DMCC requires submission within 90 days of year-end. Under UAE Corporate Tax law, the tax return filing deadline (nine months after year-end) also creates a practical deadline for having audited accounts ready. Risians monitors all applicable deadlines for each client and plans engagements accordingly.
Yes. Many businesses — particularly newer companies or those that have grown without prioritising compliance — come to Risians for their first statutory audit. In these cases, we may need to reconstruct or review prior-period records before the current-year audit can be completed. Our Accounting Review Service and Backlog Accounting Services address gaps in historical records, bringing everything to a standard where a clean, credible statutory audit report can be issued.
UAE statutory auditors must be licensed by the Ministry of Economy (for mainland engagements) and registered with the relevant free zone authority (for free zone engagements). Auditors must be professionally qualified — typically ACCA, ACA, CPA, or equivalent — and the firm must be registered as an audit practice in the UAE. For FTA-regulated work (VAT, Corporate Tax), FTA certification is also required. Risians holds all necessary UAE audit registrations, is FTA-certified, and maintains its approvals with the major free zone authorities on an ongoing basis.
Yes — and this is one of Risians' key differentiators. Rather than treating the statutory audit as a standalone engagement, we integrate it with your ongoing accounting, VAT compliance, and Corporate Tax obligations. This means your audited figures, VAT returns, and tax filings are consistent, your audit preparation is minimal because your books are maintained properly throughout the year, and you have a single relationship for all financial compliance matters. See our Accounting Services, VAT Services, and Corporate Tax Services pages for the full picture.
Risians Accounting & Tax Consultancy is an FTA-certified accounting, auditing, and tax advisory firm. Based in Downtown Dubai, we provide comprehensive financial solutions to businesses throughout the UAE.
